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The latest announcement is out from Carnaby Resources Ltd. ( (AU:CNB) ).
Carnaby Resources reported a 10% increase in the Mineral Resource Estimate at its Greater Duchess Copper Gold Project to 29.2Mt at 1.5% CuEq for 440,500 tonnes of contained copper equivalent, with Indicated resources rising 49% and now comprising 65% of total CuEq tonnes, mostly as sulphide ore amenable to conventional flotation. The quarter also saw high-grade drilling success at the Trekelano prospect, completion of the acquisition of the remaining 17.5% interest in the Greater Duchess joint venture to move to 100% ownership, and a A$12.5 million equity placement to QIC’s Critical Minerals and Battery Technology Fund, leaving Carnaby with A$16 million in cash as it restarts drilling at the Trek 1 extension and progresses its Pre-Feasibility Study, enhancing its project scale, confidence and funding base ahead of key development decisions.
The most recent analyst rating on (AU:CNB) stock is a Hold with a A$0.54 price target. To see the full list of analyst forecasts on Carnaby Resources Ltd. stock, see the AU:CNB Stock Forecast page.
More about Carnaby Resources Ltd.
Carnaby Resources Ltd is an Australia-based mineral exploration and development company focused on copper and gold, with its flagship Greater Duchess Copper Gold Project located in the Mount Isa inlier of Queensland. The company controls multiple iron oxide copper-gold (IOCG) deposits across 1,946 square kilometres, including Mount Hope, Trekelano, Nil Desperandum and Lady Fanny, and also holds gold projects in Western Australia near Northern Star Resources’ Hemi development. Carnaby is advancing a Pre-Feasibility Study for Greater Duchess and has secured tolling and offtake agreements with Glencore, positioning it as an emerging copper-gold developer with exposure to critical minerals demand.
Average Trading Volume: 616,603
Technical Sentiment Signal: Buy
Current Market Cap: A$150.5M
Learn more about CNB stock on TipRanks’ Stock Analysis page.